SEATTLE (Scrap Monster): Chance Aluminum, belonging to Florida-based Asian American Metals Inc. (AA Metals Inc.) announced that it will invest $18.5 million to bring into operation a full-fledged integrated aluminum rolling mill at the Williamsport site formerly owned by JW Aluminum.
The company expects to add around 100 jobs over a period of one year. Upon full operations, the new facility will produce aluminum foil and other alloy coils and will turn out to be the primary domestic supplier for AA Metals Inc. It expects to generate revenue exceeding $100 million by 2022.
Chance Aluminum has already been allocated a state grant amounting to $500,000, in addition to $ 3 million worth loan from the Pennsylvania Industrial Development Authority. It will receive a state grant of $100,000 to help with employee training. Also, the company will receive tax credits related to manufacturing.
Dr. Jack Cheng, President and CEO, Chance Aluminum and AA Metals noted that the new investment will result in increased product capacity, expanded market reach and diversification of operations. The possession of domestic mill is in line with its sustainable growth strategy, he added.
|Base Metals||VIEW ALL|
|Alumina 98.5% min||50558.04||12717.8|
|Aluminum Alloy A356||2.70723||0.23|
|Minor Metals||VIEW ALL|
|Ammonium heptamolybdate 54% min||2489611.41||151162.83|
|Ammonium metavanadate 98% min||1605161.61||-330749.64|
|High Purity Metals||VIEW ALL|
|Aluminum ingot purity 9999900||41900.00||0|
|Aluminum oxide purity 9900000||12100.00||0|
|Rare Earth||VIEW ALL|
|Cerium carbonates TREO 45% min, CeO2 / REO 100%||131194.44||1088.1|
|Cerium Metal 99% min||429641.55||3561.48|